Industry

Bitcoin price crash wipes hundreds of billions from cryptocurrency markets within minutes


The world’s most popular cryptocurrency plummeted below $59,000 following the “flash crash”. This is a huge drop of more than $5,000 from the levels it was trading at just a few days ago. It comes a week after the cryptocurrency hit a record-high price of $67,000.

Bitcoin’s price drop has also had a damaging impact on a number of other cryptocurrencies, who have also seen their value fall.

The price of Ethereum has slumped nearly six percent to under $4 over the past 24 hours, according to the latest data from CoinDesk.

Cardano’s value has plummeted almost nine percent in the same period to les than $2, while Solana has fallen 8.05 percent to $190.

Today’s crash is in part driven by long-term Bitcoin holders selling at a high price in order to make a significant profit.

This is something that frequently happens when there has been a spike in the price of cryptocurrencies.

But this latest drop in value will also likely persuade a wave of new buyers to invest in Bitcoin, temped by the sudden dip in price.

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